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Economy of Albania
Currency Lek (ALL)
Fiscal year Calendar year
Trade organisations WTO
Statistics
GDP (PPP) $19. The lek (plural lekë) is the Currency of Albania ( ISO 4217 currency code: ALL The purchasing power parity ( PPP) theory uses the long-term equilibrium Exchange rate of two currencies to equalize their Purchasing power. 76 billion (2007) note: Albania has a large gray economy that may be as large as 50% of official GDP (2007 est. A grey market or gray market is the trade of a commodity through distribution channels which while legal are unofficial unauthorized or unintended by the original manufacturer ) (118th)
GDP growth 5. There are three lists of Countries of the world sorted by their Gross domestic product (GDP (the value of all final goods and services produced within a nation 0% (2007) [1]
GDP per capita $5,700 (2007) [2]
GDP by sector agriculture: 23. 2%, industry: 18. 8%, services: 57. 9% (2005 est. )
Inflation (CPI) 3% (2007)
Population
below poverty line		 18. In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time CPI redirects here For other uses see CPI (disambiguation. A consumer price index ( CPI) is a measure of the average price of consumer The poverty threshold, or poverty line, is the minimum level of Income deemed necessary to achieve an adequate Standard of living in a given country 5% (2005) [3]
Labour force 1. 08 million (2005 est. )
Labour force
by occupation		 Agriculture 50%, Non-agricultural private sector 20%, Public sector 15. 9% (2005 est. )
Unemployment 30% (2007)
Main industries Food processing, textiles and clothing; lumber, oil, cement, chemicals, mining, basic metals, hydropower
External
Exports $658. Unemployment occurs when a person is available to work and currently seeking work but the person is without work. Lumber or timber is Wood in any of its stages from felling through readiness for use as structural Material for Construction, or Petroleum ( L petroleum, from Greek πετρέλαιον, lit In the most general sense of the word a cement is a binder a substance which sets and hardens independently and can bind other materials together A chemical substance is a Material with a definite chemical composition. Mining is the extraction of valuable Minerals or other geological materials from the earth usually (but not always from an Ore body The M acro E xpansion T emplate A ttribute L anguage complements TAL, providing macros which allow the reuse of code across Hydropower, hydraulic power or water power is power that is derived from the Force or Energy of moving water which may 1 million f. o. b. (2005 est. )
Export goods textiles and footwear; asphalt, metals and metallic ores, crude oil; vegetables, fruits, tobacco
Main export partners Italy: 72. A textile is a flexible material comprised of a network of natural or artificial Fibres often referred to as thread or Yarn. Footwear consists of Garments worn on the feet, for protection against the environment and Adornment. Asphalt ( is a sticky black and highly viscous liquid or semi-solid that is present in most crude Petroleums and in some natural deposits sometimes termed asphaltum Petroleum ( L petroleum, from Greek πετρέλαιον, lit The term " vegetable " generally means the edible parts of Plants The definition of the word is traditional rather than Scientific, however The term fruit has different meanings dependent on context and the term is not synonymous in Food preparation and Biology. Tobacco is an Agricultural product recognized as an addictive drug processed from the fresh Leaves of plants in the genus Nicotiana. Italy (Italia officially the Italian Republic, (Repubblica Italiana is located on the Italian Peninsula in Southern Europe, and on the two largest 4%, Greece: 10. Greece (Ελλάδα transliterated: Elláda, historically, Ellás,) officially the Hellenic Republic (Ελληνική Δημοκρατία 5%, Serbia and Montenegro: 5% (2005)
Imports $2. The State Union of Serbia and Montenegro (Државна заједница Србија и Црна Гора / Državna zajednica Srbija i Crna Gora, abbreviated 622 billion f. o. b. (2005 est. )
Import goods machinery and equipment, foodstuffs, textiles, chemicals, etc.
Main import partners Italy: 29. Italy (Italia officially the Italian Republic, (Repubblica Italiana is located on the Italian Peninsula in Southern Europe, and on the two largest 3%, Greece: 16. Greece (Ελλάδα transliterated: Elláda, historically, Ellás,) officially the Hellenic Republic (Ελληνική Δημοκρατία 4%, Turkey: 7. Turkey (Türkiye known officially as the Republic of Turkey ( is a Eurasian Country that stretches 5%, China: 6. China ( Wade-Giles ( Mandarin) Chung¹kuo² is a cultural region, an ancient Civilization, and depending on perspective a National 6%, Germany: 5. Germany, officially the Federal Republic of Germany ( ˈbʊndəsʁepuˌbliːk ˈdɔʏtʃlant is a Country in Central Europe. 4%, Russia: 4% (2005)
Public finances
Public debt external: $1. Russia (Россия Rossiya) or the Russian Federation ( Rossiyskaya Federatsiya) is a transcontinental Country extending 55 billion (2004)
Revenues $1. 96 billion (2005)
Expenses $2. 377 billion; including capital expenditures of $500 million (2005)
Economic aid recipient: ODA: $366 million (top donors were Italy, EU, Germany) (2003 est. Official Development Assistance (ODA is a category of Development aid. Italy (Italia officially the Italian Republic, (Repubblica Italiana is located on the Italian Peninsula in Southern Europe, and on the two largest The European Union ( EU) is a political and economic union of twenty-seven member states, located primarily in Germany, officially the Federal Republic of Germany ( ˈbʊndəsʁepuˌbliːk ˈdɔʏtʃlant is a Country in Central Europe. )
Main data source: CIA World Factbook
All values, unless otherwise stated, are in US dollars
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The Economy of Albania is poor-performing by Western European standards, but is making the difficult transition to a more open-market economy from its communist past. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been Western Europe at its most general meaning means 'all the countries in the West of Europe ' An economic system is a System that involves the production, distribution and consumption of goods and services between The History of Communist Albania essentially spans from 1945 until 1992 during which Albania had a Communist government

Contents

History

The collapse of communism in Albania came later and was more chaotic than in other Eastern European countries and was marked by a mass movement of refugees to Italy and Greece in 1991 and 1992. Communism is a Socioeconomic structure that promotes the establishment of an egalitarian, classless, stateless Society based Eastern Europe is a general term that refers to the Geopolitical region encompassing the easternmost part of the European continent. According to the 1951 Convention Relating to the Status of Refugees, a refugee is a person who owing to a well-founded fear of being persecuted for reasons of race Italy (Italia officially the Italian Republic, (Repubblica Italiana is located on the Italian Peninsula in Southern Europe, and on the two largest Greece (Ελλάδα transliterated: Elláda, historically, Ellás,) officially the Hellenic Republic (Ελληνική Δημοκρατία Attempts at reform began in earnest in early 1992 after real GDP fell by more than 50% from its peak in 1989. Albania currently suffers from high organised crime and curruption rates, the highest in Europe. Reforms are taking place to fix that. [4]

The democratically elected government that assumed office in April 1992 launched an ambitious economic reform program to halt economic deterioration and put the country on the path toward a market economy. Key elements included price and exchange system liberalization, fiscal consolidation, monetary restraint, and a firm income policy. These were complemented by a comprehensive package of structural reforms including privatization, enterprise, and financial sector reform, and creation of the legal framework for a market economy and private sector activity. Most agriculture, state housing, and small industry were privatized. Agriculture refers to the production of goods through the growing of plants and fungi and the raising of domesticated Animals The study of agriculture This trend continued with the privatization of transport, services, and small and medium-sized enterprises. In 1995, the government began privatizing large state enterprises. After reaching a low point in the early 1990s, the economy slowly expanded again, reaching its 1989 level by the end of the decade. current GDP per capita

Macro-economic trend

This is a chart of trend of gross domestic product of Albania in Albanian currency and at Purchasing Power Parity (PPP--i. e. , taking inflation into account) estimated [1] by the International Monetary Fund with figures in billions of Leks respectively. The International Monetary Fund ( IMF) is an International organization that oversees the Global financial system by following the Macroeconomic

Year Gross Domestic Product US Dollar Exchange Inflation Index (2000=100)
1980 17,411 9. 49 Leks 5. 10
1985 18,896 8. 58 Leks 5. 10
1990 18,840 9. 01 Leks 5. 10
1995 251,843 92. 79 Leks 55
2000 530,906 143. 68 Leks 100
2005 986,833 100. 19 Leks 121

For purchasing power parity comparisons, the US Dollar is exchanged at 44. 11 Leks only. Average wages in 2007 hover around $16-19 per day.

Results of Albania's efforts were initially encouraging. Led by the agricultural sector, real GDP grew by an estimated 11% in 1993, 8% in 1994, and more than 8% in 1995, with most of this growth in the private sector. Annual inflation dropped from 25% in 1991 to single-digit numbers. The Albanian currency, the lek, stabilized. The lek (plural lekë) is the Currency of Albania ( ISO 4217 currency code: ALL Albania became less dependent on food aid. The speed and vigor of private entrepreneurial response to Albania's opening and liberalizing was better than expected. Beginning in 1995, however, progress stalled, with negligible GDP growth in 1996 and a 9% contraction in 1997. A weakening of government resolve to maintain stabilization policies in the election year of 1996 contributed to renewal of inflationary pressures, spurred by the budget deficit which exceeded 12%. A budget deficit occurs when an Entity (often a Government) spends more Money than it takes in Inflation approached 20% in 1996 and 50% in 1997. In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time The collapse of financial pyramid schemes in early 1997 - which had attracted deposits from a substantial portion of Albania's population - triggered severe social unrest which led to more than 1,500 deaths, widespread destruction of property, and an 8% drop in GDP. A pyramid scheme is a Non-sustainable Business model that involves the exchange of Money primarily for enrolling other people into the scheme without The lek initially lost up to half of its value during the 1997 crisis, before rebounding to its January 1998 level of 143 to the dollar. The new government, installed in July 1997, has taken strong measures to restore public order and to revive economic activity and trade.

Albania is currently undergoing an intensive macroeconomic restructuring regime with the International Monetary Fund and World Bank. Macroeconomics is a branch of Economics that deals with the performance structure and behavior of a national or regional Economy as a whole The International Monetary Fund ( IMF) is an International organization that oversees the Global financial system by following the Macroeconomic The World Bank is an internationally supported Bank that provides financial and technical assistance to developing countries for development programs (e The need for reform is profound, encompassing all sectors of the economy. In 2004, the largest commercial bank in Albania -the then Savings Bank of Albania- was privatised and sold to Raiffeisen Bank of Austria for US$ 124 million. Austria (Österreich ( officially the Republic of Austria (Republik Österreich [2]

External trade

Albanian exports in 2006
Albanian exports in 2006

However, reforms are constrained by limited administrative capacity and low-income levels, which make the population particularly vulnerable to unemployment, price fluctuation, and other variables that negatively affect income. Unemployment occurs when a person is available to work and currently seeking work but the person is without work. The economy continues to be bolstered by remittances of some 20% of the labor force that works abroad, mostly in Greece and Italy. Greece (Ελλάδα transliterated: Elláda, historically, Ellás,) officially the Hellenic Republic (Ελληνική Δημοκρατία Italy (Italia officially the Italian Republic, (Repubblica Italiana is located on the Italian Peninsula in Southern Europe, and on the two largest These remittances supplement GDP and help offset the large foreign trade deficit. Most agricultural land was privatized in 1992, substantially improving peasant incomes. In 1998, Albania recovered the 8% drop in GDP of 1997 and pushed ahead by 7% in 1999. International aid has helped defray the high costs of receiving and returning refugees from the Kosovo conflict. The term Kosovo War or Kosovo Conflict is often used to describe two sequential and at times parallel armed conflicts in Kosovo: 1996–1999 Largescale investment from outside is still hampered by poor infrastructure; lack of a fully functional banking system; untested or incompletely developed investment, tax, and contract laws; and an enduring mentality that discourages initiative.

Mining

In early 2008, vast and untouched deposits of oil and gas were discovered in northern Albania. The deposits total 2. 987 billion barrels of oil and 3. 014 trillion cubic meters of natural gas. The announcement was made by the corporation Gustavson Associates LLC, engaged by Manas Petroleum Corporation, which has a contract with the Government of Albania to make explore the northern parts of the country for oil and gas deposits. [5]

Other statistics

Industrial Production Growth Rate: 3. 1% (2004 est. )

Electricity - Production: 5. 434 TWh (2004)

Electricity - production by source:

Electricity

Oil

Natural gas

Agriculture

Products: wheat, maize, potatoes, vegetables, fruits, sugar beets, grapes; meat, dairy products

Exchange Rates

Lekë per US dollar - 92. Wheat ( Triticum spp is a worldwide cultivated grass from the Levant area of the Middle East. Maize (ˈmeɪz ( Zea mays L. ssp mays) known as corn in some countries is a cereal grain domesticated in Mesoamerica The potato is a Starchy Tuberous crop Vegetable from the perennial Solanum tuberosum of the Solanaceae The term " vegetable " generally means the edible parts of Plants The definition of the word is traditional rather than Scientific, however The term fruit has different meanings dependent on context and the term is not synonymous in Food preparation and Biology. Sugar beet ( Beta vulgaris L a member of the Chenopodiaceae family is a plant whose root contains a high concentration of Sucrose. For the Tokyo University supercomputer see Gravity Pipe. GRAPE, or GRA phics P rogramming E nvironment is In modern English usage meat most often refers to Animal tissue used as food mostly Skeletal muscle and associated Fat, but it may also refer Dairy products are generally defined as Foodstuffs produced from Milk. 668 (2007), 98. 384 (2006), 102. 649 (2005), 102. 78 (2004), 121. 863 (2003), 140. 155 (2002), 143. 485 (2001), 143. 709 (2000), 137. 691 (1999)

References

  1. ^ imf.org
  2. ^ Privatization of Savings Bank of Albania.

See also

External links

The International Monetary Fund ( IMF) is an International organization that oversees the Global financial system by following the Macroeconomic Economic development Pre-1945 Industrial growth Prior to World War II, Europe's major financial and industrial states were the United Kingdom, This is a selected list of Albanian companies Banking Central Bank Bank of Albania Commercial Banks This is a list of Albanian banks Central Bank Bank of Albania Commercial Banks Alpha Bank
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